Tiger Global Management and Salesforce Ventures have backed a $170 million funding round in an Africa-focused financial services technology company, investing alongside a consortium of players.
The duo has backed a series-C investment round in Flutterwave, investing as new players.
Tiger Global and Salesforce are joined in the deal by China-based investor DST Global and Brazil-based Insight Ventures – who are also in the deal as new players.
Other new players in the round include US-based investors Avenir Growth Capital, 9yards Capital, Early Capital Berrywood and Tiger Management.
Existing investors in the round include Greycroft Partners and Green Visor Capital.
Strategic investor Worldpay, a UK-based financial services technology company is also in the deal, investing as a new player.
Insight Ventures is a venture capital firm that was set up in 2017 to back deals, globally.
Flutterwave will use the new capital for geographical expansion, with the company looking to grow its footprint, globally.
The company is being backed based on its track record. Flutterwave has achieved a revenue compound annual growth rate (CAGR) of 226% in the two years between 2018 and 2020, according to the investors.
The investors are also attracted to the company’s strong management team, which is led by co-founder and chief executive officer (CEO) Olugbenga Agboola.
“We are excited to partner with Flutterwave as they continue building a world-class payments platform,” said Scott Shleifer, partner at Tiger Global. “We were impressed by Flutterwave’s focus on customer success and believe the company is well-positioned for sustainable long-term growth.”
Deven Parekh is managing director at Insight Partners.
Jamie Reynolds, partner at Avenir represented the investor.
Greycroft Partners first invested in the company in 2016, backing a seed round.
The investor also participated in the $10 million series-A investment round in the company in 2017.
Greycroft Partners also injected additional capital in the company in 2020, leading a $35 million series-B investment round.
Green Visor Capital first backed Flutterwave in 2017, having participated in the series-A investment round.
Previous investors in Flutterwave include CRE Venture Capital and Visa, a US-based financial services technology company.
CRE first backed the company in 2017 – while Visa first invested in Flutterwave in 2019.
Other existing investors in Flutterwave include Omidyar Network, the investment vehicle of eBay founder Pierrer Omidyar and US-based HOF Capital and Social Capital.
Cactus Capital, the investment arm of Cactus Advisory, a business services firm based in South Africa is also an existing investor in Flutterwave.
Other existing investors in the company also include US-based FIS, a financial services technology company, and eVentures, an early-stage investor.
Headquartered in San Francisco, US, Flutterwave provides electronic payment software through an application program interface (API). The technology enables global corporates to process payments to and from Africa.
The company has offices in Nigeria, Kenya, Ghana and South Africa across Africa.
Flutterwave has processed 100 million transactions valued at over $5.4 billion, as of 2020, for global clients including technology companies Uber and Booking.com.
Created in 2016, the company is headed by co-founder and CEO Agboola and employs approximately 300 people, as of 2021.
Full deal details will be available shortly